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Archive for February 2020


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  • Protective Insurance Swings to Fourth-Quarter Profit on Rate Increases, Reduced Loss Exposure

    {February 26th, 2020} by David PIlla

    CARMEL, Ind. – Protective Insurance Corp. posted fourth-quarter net income of $3.77 million, compared with a net loss of $24.57 million the previous year, helped by rate increases, reduced exposures and reinsurance coverage. Fourth-quarter gross written premiums fell 7.2% to $141.7 million. The combined ratio improved to 105.8 from 112.2. “During 2019 we achieved significant […]

    Athene Enters $1 Billion Pension-Buyout Deal With Armstrong World Industries

    {February 26th, 2020} by Terrence Dopp

    PEMBROKE, Bermuda – Athene Holding Ltd. said it has carried out a pension buyout deal of about $1 billion from building supply company Armstrong World Industries to provide annuity payments to 10,000 retirees in its pension system. Athene’s Iowa-domiciled subsidiary, Athene Annuity and Life Co., as well as Athene Annuity & Life Assurance Company of […]

    FBL Financial Chief Investment Officer to Retire

    {February 26th, 2020} by Barbara Edwards

    WEST DES MOINES, Iowa – FBL Financial Group Inc. said Charles T. Happel, chief investment officer, will retire around mid-2020. Happel joined the company in 1984 as a Farm Bureau Financial Services agent, moving to the corporate office in 1986. Over the next 15 years, he held various positions in investments, including securities analyst and […]

    Sammons Financial Launches New Index Offering

    {February 26th, 2020} by Sammons Financial Group

    WEST DES MOINES, Iowa, Feb. 24, 2020 (GLOBE NEWSWIRE) — With market volatility and stable retirement savings topping consumer concerns, Sammons Financial℠ is introducing a new financial index designed by Fidelity Investments. The Fidelity Multifactor Yield Index 5% ERSM leverages Fidelity’s established legacy of asset management capabilities. The index will be added into Sammons Financial’s portfolio […]

    Midland National Launches New Indexed Universal Life Product

    {February 26th, 2020} by Midland National Life Insurance Company

    WEST DES MOINES, Iowa, Feb. 20, 2020 (GLOBE NEWSWIRE) — Midland National® Life Insurance Company, one of America’s preeminent life insurance and annuities companies and a member of Sammons Financial℠, is introducing a new indexed universal life (IUL) insurance product. Strategic Accelerator IUL is innovative in that it tackles a challenging consumer concern: how to quickly build cash value […]

    North American Company Launches New Indexed Universal Life Product

    {February 26th, 2020} by North American Company for Life and Health Insurance

    WEST DES MOINES, Iowa, Feb. 21, 2020 (GLOBE NEWSWIRE) — WEST DES MOINES, IA, Feb. 21, 2020 – North American Company for Life and Health Insurance®, a member of Sammons Financial℠ and one of America’s preeminent life insurance and annuities companies, is introducing a new Indexed Universal Life (IUL) insurance product. Smart Builder IUL is innovative in that it […]

    Securian Financial Reports Strong 2019

    {February 26th, 2020} by Securian Financial

    ST. PAUL, Minn.–(BUSINESS WIRE)–Securian Financial announced preliminary 2019 financial results at its annual all-company meeting last week, highlighted by strong revenue growth and increased community giving. “In 2019, we delivered excellent operating performance consistent with our 140-year history of outstanding financial strength,” said Chris Hilger, Securian Financial’s chairman, president and CEO. “At the same time, […]

    Mutual of Omaha to Offer ‘Mutual Perks’ to Customers

    {February 26th, 2020} by Mutual of Omaha

    OMAHA, Neb.–(BUSINESS WIRE)–Mutual of Omaha has announced the introduction of Mutual PerksSM, a new suite of value-added offers and discounts to leading service providers nationwide for customers of its life insurance products and select health insurance products. Mutual Perks gives Mutual of Omaha customers discounts and services that many consumers need but may struggle to […]

    Best’s Market Segment Report: Top-Line Growth in U.S. Life/Annuity Industry Remains Elusive Despite Overall Stability

    {February 26th, 2020} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–The U.S. life/annuity industry continued to perform well in 2019, building capital despite significant uncertainty in the macro-environment, but the ability for insurance companies to achieve top-line growth remains a top concern in 2020, according to AM Best’s 2020 Review/Preview market segment report. The new Best’s Market Segment Report, titled, “2020 Review & Preview: U.S. […]

    Fifth Annual Advisor Authority Study Profiles Unique Needs of Millennial and Generation X Investors to Help RIAs and Fee-Based Advisors Unlock Greater Growth

    {February 26th, 2020} by Nationwide Advisory Solutions

    LOUISVILLE, Ky., Feb. 20, 2020 /PRNewswire/ — A new Special Report from the fifth annual Advisor Authority study commissioned by Nationwide Advisory Solutions, takes an in-depth look at the emerging market of Millennial (ages 18 – 38) and Generation X (ages 39 – 54) investors with investable assets of $100,000 or more—exploring the unique characteristics that differentiate them from each other and from their […]

    Once scorned, FIAs are now embraced: Cerulli

    {February 26th, 2020} by Editorial Staff

    Fixed-indexed annuities (FIAs) made up nearly 57% of total annuity sales in 2019, climbing to a new all-time high of nearly $74 billion, according to Cerulli’s latest report, U.S. Annuity Markets 2019: Adapting to Financial Advisory Trends. Click HERE to read the full story via RIJ

    Maryland Gets a New Deputy Insurance Commissioner: Personnel Moves

    {February 26th, 2020} by Allison Bell

    Maryland Insurance Commissioner Al Redmer Jr. has named Jay Coon deputy commissioner for the Maryland Insurance Administration. Coon previously was  second vice president and commercial portfolio lead – agent workstation at Travelers Insurance Co., Coon has a bachelor’s degree in communications from the University of Connecticut. He started out in insurance at Aetna Life & […]

    Athene Has Big Fish on the Line: Earnings

    {February 26th, 2020} by Allison Bell

    Executives at Athene Holding Ltd. say that company has plenty of attractive merger and acquisition candidates in its deal pipeline. Bill Wheeler, Athene’s president, told securities analysts recently that Athene is in a great position to do large transactions. “We probably don’t have zero competition for large transactions, but it’s close,” Wheeler said. “So, I […]

    Chris Nicolopoulos to Lead New Hampshire Insurance Department

    {February 26th, 2020} by Allison Bell

    Chris Nicolopoulos is now the insurance commissioner in New Hampshire. New Hampshire Gov. Chris Sununu, R, nominated him, and the New Hampshire Executive Council has approved the nomination by a unanimous vote, state officials said last week. Nicolopoulos succeeds Alex Feldvebel, who has been serving as New Hampshire’s acting commissioner since November. Feldvebel took over […]

    Massachusetts Enacts Fiduciary Rules For All Financial Advice

    {February 26th, 2020} by John Hilton

    Massachusetts Secretary of the Commonwealth William F. Galvin has finalized regulations which “will impose a true fiduciary conduct standard in Massachusetts.” The new regulations, which will go into effect on March 6, will require broker-dealers and broker-dealer agents to provide investment advice and recommendations without regard to the interests of anyone but the customer, the […]

    Florida Bill To Ban Insurers’ Use Of Genetic Info Goes To Full Senate

    {February 26th, 2020} by John Hilton

    A Florida bill that would prohibit insurers from using customers’ genetic information in changing, denying or canceling policies cleared its third and final Senate committee Wednesday. The bill passed the Senate Rules Committee by a 16-1 vote. The Senate Banking and Insurance and Judiciary committees previously voted to move the bill, according to the Florida […]

    SEO agency shares new 2020 digital insurance marketing guide

    {February 25th, 2020} by Insurance Forums Staff

    Are your current digital marketing efforts generating the results they should be achieving? Could you use a little help? 321 Web Marketing, an insurance SEO agency, just released an insurance marketing guide for 2020. Through extensive market research and in-depth data analysis, the insurance SEO specialists at 321 Web Marketing created the free online guide that can help […]

    Milliman and Enova announce strategic alliance providing next generation advanced analytic solutions to life insurance industry

    {February 25th, 2020} by Milliman

    SEATTLE, Feb. 24, 2020 /PRNewswire/ — Milliman, Inc., a premier global consulting and actuarial firm, and Enova Decisions, a leading financial technology and analytics company, today announced a strategic alliance aimed at bringing new advanced analytics to insurers. The alliance brings together Milliman’s deep domain expertise and data resources and Enova Decisions’ real-time analytic capabilities, giving insurers an […]

    Northwestern Mutual’s 2019 Financial Results Break Company Records

    {February 25th, 2020} by Northwestern Mutual

    MILWAUKEE, Feb. 25, 2020 /PRNewswire/ — Northwestern Mutual set new records with the release of its 2019 financial results announced today. The company’s unsurpassed financial strength and product value are evident across all measures, from revenue growth and investment performance to surplus and dividend payouts. The results underscore the company’s continued ability to fulfill its mission of helping […]

    Innovative Financial Group Continues Rapid Expansion Formalizing Partnership with Elite Insurance Group

    {February 25th, 2020} by Innovative Financial Group (IFG)

    WILMINGTON, N.C., Feb. 25, 2020 /PRNewswire/ — Innovative Financial Group (IFG), one of the nation’s fastest growing distributors of life insurance and health products, announced today that it has finalized a partnership with Elite Insurance Group, one of the largest distributors of health products where their primary focus is helping seniors understand their Medicare options.  Elite Insurance […]

    AgeUp expands availability to reach 44 states across the country

    {February 25th, 2020} by AgeUp

    BOSTON, Feb. 25, 2020 /PRNewswire/ — AgeUp, an innovative annuity product issued by Massachusetts Mutual Life Insurance Company (MassMutual), today announced that it is available for purchase in 44 states, including Washington, D.C. and Puerto Rico. Developed by Haven Life Insurance Agency, AgeUp is designed to provide the adult children of the Boomer generation with financial protection for their parents once […]

    Best’s Commentary: U.S. Life/Annuity Writers Expected to Overcome Short-Term Challenges of NAIC Suitability Rules

    {February 25th, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best expects changes to the Suitability in Annuity Transactions Model Regulation (Reg 275) to be credit neutral to U.S. life/annuity writers in the long term; however, implementation is likely to present challenges due to increased compliance training. The NAIC Executive (EX) Committee and Plenary recently adopted much-anticipated revisions to Reg 275, which establishes […]

    Allianz Life Reports Strong Financial Results For 2019

    {February 25th, 2020} by Allianz Life Insurance Company of North America

    MINNEAPOLIS–(BUSINESS WIRE)–Allianz Life Insurance Company of North America (Allianz Life®) today announced its 2019 financial results, with assets under management rising to $151 billion, up nine percent over 2018. Total premium grew 7.7 percent to $13.73 billion over the same period. In addition, Allianz Life provided additional value to its policyholders in 2019 via distributions […]

    AM Best Affirms Credit Ratings of RBC Life Insurance Company

    {February 25th, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” of RBC Life Insurance Company (RBC Life) (Mississauga, Ontario). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect RBC Life’s balance sheet strength, which AM Best categorizes as very […]

    Third Point Sends Letter to Prudential plc Highlighting Opportunity to Separate US and Asian Businesses

    {February 25th, 2020} by Third Point LLC

    NEW YORK–(BUSINESS WIRE)–Third Point LLC (LSE: TPOU) (“Third Point”), a New York-based investment firm managing approximately $14 billion in assets and a holder of approximately 5% of the outstanding common shares of Prudential plc (LSE: PRU LN) today sent a letter to the Board of Directors of the Company, the full text of which is below. *** […]

    FBL Financial Group Chief Investment Officer to Retire

    {February 25th, 2020} by FBL Financial Group, Inc.

    WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) announced today that Charles T. (Charlie) Happel, Chief Investment Officer, will retire around midyear 2020. “Charlie has served this company with great dedication for the past 36 years, including the last 11 years as Chief Investment Officer,” said Daniel D. Pitcher, FBL Financial Group’s Chief Executive […]

    Athene Announces Pension Buyout Agreement With Armstrong World Industries

    {February 25th, 2020} by Athene Holding, Ltd.

    PEMBROKE, Bermuda–(BUSINESS WIRE)–Athene Holding Ltd. (“Athene”) (NYSE: ATH), a leading retirement services company, announced a pension buyout agreement with Armstrong World Industries (“Armstrong”) (NYSE: AWI), a leader in the design and manufacture of innovative commercial and residential ceiling, wall and suspension system solutions in the Americas. Under the terms of the transaction, Athene’s wholly-owned Iowa-domiciled […]

    Pacific Life Named One of the 2020 World’s Most Ethical Companies

    {February 25th, 2020} by Pacific Life

    NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life announced today it has been named one of the 2020 World’s Most Ethical Companies® by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices. Pacific Life was evaluated on five categories, including: compliance and ethics program; corporate citizenship and responsibility; culture of ethics; corporate […]

    Insurance Technologies Announces the Implementation of its FireLight® Sales Platform Within the Schwab Advisor Services™ Annuity Concierge Service for Advisors

    {February 25th, 2020} by Insurance Technologies, LLC

    COLORADO SPRINGS, Colo.–(BUSINESS WIRE)–Insurance Technologies, LLC, a provider of sales and regulatory automation solutions for the insurance and financial services industries, is pleased to announce the availability of its FireLight® Sales Platform within the Schwab Advisor Services™ Annuity Concierge Service for Advisors. FireLight efficiently enhances and automates in-good-order applications and business processes for Schwab representatives […]

    Palmetto Senior Benefits Joins Integrity Marketing Group’s Growing Family of Partners

    {February 25th, 2020} by Integrity Marketing Group

    DALLAS, Feb. 25, 2020 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), today announced the acquisition of Palmetto Senior Benefits, (“Palmetto”), an insurance marketing group based in Greenville, South Carolina. As part of the acquisition, Brian Hagerty, Founder of Palmetto, will become an owner in Integrity. Financial terms of the deal were not disclosed. Palmetto is a national marketing firm that […]

    Beware of these overhyped financial strategies

    {February 25th, 2020} by Liz Weston, NerdWallet

    A good rule of thumb when you’re trying to eat healthfully is to beware of any food you see advertised. The most beneficial fare — whole grains, fruits, vegetables — tends not to have a marketing budget. Click HERE to read the full story via Star Tribune          Wink’s Note:  Anyone,  outside […]

    These Are Millennials’ Top 3 Financial Goals: Survey

    {February 25th, 2020} by Michael S. Fischer

    A new survey from Truist, formerly SunTrust, finds that a majority of millennials who have a financial plan expect to reach their financial goals in the near term even though many are burdened by debt and lack retirement funds. Eighty-six percent of millennials in the study said they had established personal financial goals for the next […]

    Transamerica Says It Has One of the Advisory Fee Letter Rulings

    {February 25th, 2020} by Allison Bell

    Transamerica revealed Thursday that it’s one of the life insurers that now has a private letter ruling on annuity advisory fees from the Internal Revenue Service. The letter ruling lets Transamerica offer annuity holders a streamlined mechanism for paying advisory fees from the annuity assets, without creating tax headaches. “In light of the private letter […]

    Closing the Gender Gap in Insurance

    {February 25th, 2020} by Rowena Roy

    Last November, I participated in a Women in Leadership workshop at the Connected Insurance conference in Chicago. As one of the women on the Breathe Life leadership team (a Montreal-based insurtech) it made perfect sense for me to attend this event, and, as I settled into my seat with my coffee and croissant, I was […]

    2020 Off to Crazy Start Thanks to Secure Act

    {February 25th, 2020} by Janet Levaux

    It’s barely started, but 2020 is proving to be a busy, crazy year. Much of the mayhem is tied to the passage of the Setting Every Community Up for Retirement Enhancement Act of late 2019. As Washington Bureau Chief Melanie Waddell highlights in “Washington Watch,” the Internal Revenue Service has been rushing to share guidance […]

    What Insurers Think of the Secure Act

    {February 25th, 2020} by Nick Thornton

    For years, the insurance industry and advocates for guaranteed income products worked to get a fiduciary sanctuary for employer sponsors of defined contribution plans who put annuities in investment menus. They got that sanctuary — or the annuity provider selection safe harbor — in the Setting Every Community Up for Retirement Enhancement Act. What happens […]

    How Secure Act Paves New Road to Retirement Income

    {February 25th, 2020} by Michael Finke

    The Employee Retirement Income Security Act of 1974, or ERISA, hasn’t done much to specifically address retirement income security in defined contribution savings plans. The United States isn’t alone in this regard. Australia’s superannuation DC system hasn’t yet solved the problem of running out of money in old age. Will giving plan sponsors a safe […]

    ‘Secure Act 2.0’ to Move This Year: Rep. Neal

    {February 25th, 2020} by Melanie Waddell

    House Ways and Means Committee Chairman Richard Neal, D-Mass., is planning to move this year on “Secure Act 2.0” legislation, a package of retirement planning bills that will include the Automatic Retirement Plan Act and the Retirement Plan Simplification and Enhancement Act, Neal told ThinkAdvisor in an email on Tuesday. “Improving Americans’ retirement security remains […]

    Cost of Hedging Annuity Guarantees Soared: IRI

    {February 25th, 2020} by Allison Bell

    For U.S. annuity issuers, the cost of managing the risk associated with benefits guarantees is much higher now than it was just 18 months ago. The Insured Retirement Institute (IRI) has included a chart illustrating that increases in its new State of the Insured Retirement Industry report. IRI is a Washington-based group for organizations with an interest […]

    Way to go Rockstar!

    {February 25th, 2020} by Wink's RockStars

    Sheryl J. Moore, a 2019 NAILBA ID Twenty Award Winner was recognized at the NAILBA 38 annual meeting.   View NAILBA Perspectives HERE: https://view.joomag.com/nailba-perspectives-winter-2020/0548239001579540261?short   Held at the Gaylord Texan Resort & Convention Center in Dallas, TX. NAILBA 38 was non-stop opportunity for sharing ideas, building relationships, and support the growth of the brokerage industry.  […]

    SEC Releases Updated List of Fake Regulators, Deceptive Firms

    {February 25th, 2020} by Jeff Berman

    The Securities and Exchange Commission on Monday updated its list of fictitious regulators and firms falsely claiming to be registered, licensed and/or located in the U.S., along with entities that impersonate actual U.S. registered securities companies. Included in the fresh list are 25 new soliciting entities and four phony regulators: Board of Financial Affairs, Finance Regulation Board, New […]

    International Group Head Defends Consideration of U.S.-Backed Proposal

    {February 25th, 2020} by Allison Bell

    The head of the International Association of Insurance Supervisors (IAIS) is defending the idea of testing a capital calculation proposal backed by the United States alongside the main IAIS international capital standards (ICS) approach. Jonathan Dixon, the IAIS secretary general, talked about the decision to keep looking at the U.S.-backed Aggregation Method last week, in […]

    Massachusetts takes on SEC over fiduciary standard

    {February 25th, 2020} by Charles Paikert

    Massachusetts fired the latest salvo in the war for a fiduciary standard, drawing return fire from both industry trade organizations and consumer advocates. Taking on the SEC’s Regulation Best Interest rule, William Galvin, the state’s top financial regulator, filed his own statewide regulations, which he says “will impose a true fiduciary conduct standard in Massachusetts.” […]

    Life Groups Eye Final Massachusetts Fiduciary Rule Warily

    {February 25th, 2020} by Allison Bell

    Massachusetts officials have cut the two direct references to sales of insurance products out of the final version of the state’s new fiduciary rule. The American Council of Life Insurers (ACLI) and the Insured Retirement Institute (IRI) are holding off on declaring victory, ACLI President Neely said in a statement that the ACLI is reviewing the […]

    Massachusetts Finalizes Fiduciary Rule; Consumer Group ‘Disappointed’ With Changes

    {February 25th, 2020} by Melanie Waddell

    William Galvin, Massachusetts’ top securities regulator, said Friday that he has finalized the state’s fiduciary rule to impose “a true fiduciary conduct standard” in Massachusetts. The new regulations, which take effect March 6, require broker-dealers and their agents to provide investment advice and recommendations “without regard to the interests of anyone but the customer.” A prominent consumer […]

    Stop Selling Life Insurance — No One Wants It!

    {February 25th, 2020} by Lloyd Lofton

    A Pew survey found the average two-parent household takes in an average of $102,400 annually. For many of these two-income families, investments with a long-term payoff make sense. Buying quality products because they last longer than cheaper ones makes sense. Paying for something upfront instead of paying interest on loans makes sense. But, when you’re […]

    Messages From the Equitable Archives

    {February 25th, 2020} by Allison Bell

    Life insurers may be heading into a challenging period. Interest rates are low. Consumers’ ability to plan for the long term may be low. Understanding of just what the “new coronavirus” pneumonia, or Covid-19, might do in the United States is low. Some established life insurers are sending the message that they’ve been around for […]

    Ohio National closes first year of strategy with increases in total adjusted capital, equity and assets under management

    {February 25th, 2020} by Ohio National Financial Services

    CINCINNATI, Feb. 07, 2020 (GLOBE NEWSWIRE) — Ohio National Financial Services today announced a 3% increase in statutory total adjusted capital and 6% increase in GAAP equity (including mark to market) reaching $1.14 and $2.6 billion, respectively, while assets under management grew by 3%. The announcement follows the completion of the first year of a […]

    Repeal Of DOL Rule Boosting Fixed-Indexed Annuity Sales, Report Says

    {February 25th, 2020} by Raymond Fazzi

    The repeal of the U.S. Department of Labor’s conflict of interest rules and the new SECURE Act are helping propel sales of fixed-indexed annuities, according to a report by Cerulli Associates. The robust performance of index strategies, growing acceptance of annuities by broker-dealers and innovative product designs are among the other factors that are expected […]

    Compliance: It’s Everybody’s Business

    {February 25th, 2020} by LIMRA

    WINDSOR, Conn. Feb. 24, 2020 — Best Interest. Reg 187. Fraud prevention. Technology innovations. Data analytics. Anti-money laundering. It is clear the financial services industry is complex. Come to the 2020 Regulatory Compliance Exchange to learn about crucial regulatory issues and effective compliance practices from peers and experts. The event, hosted jointly by LIMRA and […]

    Those New Retirement Regulations: Are They SECURE Or INSECURE?

    {February 25th, 2020} by The Milford Daily News

    The U.S. Congress loves warm and fuzzy acronyms. But it’s the fine print that counts, not the name of a particular piece of legislation. Just as the Affordable Care Act (ACA) made health insurance more expensive, the SECURE Act – that’s the Setting Every Community Up for Retirement Enhancement Act – will make the future […]

    Latin Americans Expect To Have ‘Gaps’ In Retirement Income: LIMRA

    {February 25th, 2020} by Press Release

    A new study finds that 64% of Latin American adults expect to have significant gaps in their retirement funds when they turn 60, and 52% don’t believe the income from their government-funded pension (Social Security) and their employer-sponsored pension will cover basic living expenses. The study was conducted by Secure Retirement Institute and the Society […]

    How new rules could affect the way clients save for retirement

    {February 24th, 2020} by Paola Peralta

    Welcome to Retirement Scan, our daily roundup of retirement news your clients may be talking about New rules could affect how clients save for retirement Clients may have to modify their retirement savings strategy as a result of the changes under the Secure Act, according to this article in Money. For example, clients can continue […]

    Financial pros find a lot to like about the new SECURE Act

    {February 22nd, 2020} by Joe Gardyasz

    Most of us have heard the joke about how citizens should run whenever they hear “I’m from the federal government, and I’m here to help you.”  However, financial services professionals aren’t running away from the provisions of the new SECURE Act that went into effect on Jan. 1. The SECURE legislation — an acronym that […]

    How To Avoid Running Out Of Money During Retirement

    {February 22nd, 2020} by Jim Poolman

    In the past decade, quite a bit has changed. First, since the last recession, the country has seen a shift from employer-based retirement offerings, such as pensions, toward a more do-it-yourself approach. But, tools such as 401(k) plans don’t offer the same lifetime income guarantees as pensions. Moreover, in cases of part-time or temporary employment, […]

    Mike Bloomberg’s Retirement Security Plans

    {February 22nd, 2020} by Editorial Staff

    “Social Security is under demographic pressure and needs shoring up for the long-term, but it faces no imminent crisis,” Democratic presidential candidate Michael Bloomberg’s campaign announced this week in a white paper titled, “Mike Bloomberg’s Retirement Security Policy.” Click HERE to read the full story via RIJ

    NAIFA-Texas Collaborates with FindBob to Offer New Member Benefit: Connex

    {February 21st, 2020} by NAIFA-Texas

    AUSTIN, Texas, Feb. 20, 2020 /PRNewswire/ — NAIFA-Texas, in collaboration with FindBob, today announced the launch of Connex, a new digital tool to help NAIFA-Texas members address both growth and perpetuation goals. “We’re thrilled to provide NAIFA-Texas members with the Connex platform powered by FindBob,” said David Farabee, President of NAIFA-Texas. “We are the first NAIFA state organization to […]

    Fixed Index Annuities Can Offer Great Downside Protection

    {February 21st, 2020} by dkorth@finsum.com (FINSUM)

    Fixed index annuities can be an ideal investment if you are looking for a mix of upside gain and downside protection. Many annuities in this category allow a range of choices that mean investors can get much of the upside of an index and still combine it will downside protection. A couple good examples include […]

    NAIC approves revised “best interest” rule for annuities

    {February 21st, 2020} by Editorial Staff

    The revisions clarify that all recommendations by agents and insurers must be in the best interest of the consumer. In a meeting of the National Association of Insurance Commissioner (NAIC) Plenary last week, the association approved revisions to the Suitability in Annuity Transactions Model Regulation (#275), a February 13, 2020, NAIC release said.   Click […]

    Andrew Altfest, Wealth Management Industry Leader, Launches New AI-Driven Advisor Technology, FP Alpha

    {February 20th, 2020} by FP Alpha

    NEW YORK, Feb. 18, 2020 /PRNewswire/ — FP Alpha, an AI-powered technology solution for financial advisors, was launched today by Andrew Altfest, President of Altfest Personal Wealth Management. FP Alpha is the first comprehensive wealth management platform to utilize artificial intelligence (AI). The software enables advisors to transform financial planning into comprehensive wealth management by streamlining financial planning processes and […]

    A Stock Market Crash Proof Portfolio May Feature Fixed Indexed Annuities

    {February 20th, 2020} by Paul Dykewicz

    A stock market crash proof investment portfolio can include fixed indexed annuities that are designed to provide a positive return in bullish years and avoid any losses in bearish times. The trade-off of investing in fixed indexed annuities comes from giving up significant market gains in the best years to insure against ever taking losses. […]

    Repeal Of DOL Rule Boosting Fixed-Indexed Annuity Sales, Report Says

    {February 20th, 2020} by Raymond Fazzi

    The repeal of the U.S. Department of Labor’s conflict of interest rules and the new SECURE Act are helping propel sales of fixed-indexed annuities, according to a report by Cerulli Associates. The robust performance of index strategies, growing acceptance of annuities by broker-dealers and innovative product designs are among the other factors that are expected […]

    Insurance Technologies Announces the Implementation of its FireLight® Sales Platform Within the Schwab Advisor Services™ Annuity Concierge Service for Advisors

    {February 20th, 2020} by Insurance Technologies, LLC

    COLORADO SPRINGS, Colo.–(BUSINESS WIRE)–Insurance Technologies, LLC, a provider of sales and regulatory automation solutions for the insurance and financial services industries, is pleased to announce the availability of its FireLight® Sales Platform within the Schwab Advisor Services™ Annuity Concierge Service for Advisors. FireLight efficiently enhances and automates in-good-order applications and business processes for Schwab representatives […]

    Mutual of Omaha Implements iPipeline Maestro for e-App Self-Maintenance

    {February 20th, 2020} by iPipeline

    EXTON, Pa.–(BUSINESS WIRE)–iPipeline® – a leading provider of cloud-based software solutions for the life insurance and financial services industry – today announced Mutual of Omaha, a Fortune 500 organization offering insurance and financial products, has implemented its Maestro® product for e-App self-maintenance. The new product enables carriers to build their own screens, define basic rules, […]

    What Mike Bloomberg Is Saying About Insurance, for Agents

    {February 20th, 2020} by Allison Bell

    Michael Bloomberg — a former Republican who is now running for the Democratic presidential nomination — calls out agents, brokers and insurers several time in his new financial rules change policy proposal. Click HERE to read the full story via ThinkAdvisor.   3. He wants to change the standards governing the sale of insurance. “Investment professionals who […]

    NAIC Takes Action to Protect Annuity Consumers

    {February 19th, 2020} by NAIC

    WASHINGTON (Feb. 13, 2020) — In a meeting of the National Association of Insurance Commissioner (NAIC) Plenary, the association approved revisions to the Suitability in Annuity Transactions Model Regulation (#275). The revisions clarify that all recommendations by agents and insurers must be in the best interest of the consumer and that agents and carriers may not […]

    NAIC Finalizes ‘Best Interest’ Annuity Sales Model Law

    {February 19th, 2020} by John Hilton

    State insurance commissioners voted today to sent a strengthened annuity sales model law that adds a best-interest standard to the states for adoption. The successful vote came over the strenuous objections of New York Superintendent of Financial Services Linda Lacewell. “I believe the role of the NAIC should be to lift all states up and […]

    Political Corruption Trial Of Insurance Magnate Starts Today

    {February 19th, 2020} by John Hilton

    Jury selection begins today for an insurance company magnate and two associates on trial for charges they conspired to bribe an elected North Carolina regulator with up to $2 million in campaign money so scrutiny of his businesses would ease. U.S. District Judge Max Cogburn will preside over the case involving Greg E. Lindberg, who […]

    Great American and Illinois Mutual Reach Out With Contests

    {February 19th, 2020} by Allison Bell

    At least two life insurers are sponsoring contests this winter. Great American Insurance Group — an annuity issuer — is asking annuity customers to send in photos, videos and stories showing what makes their lives great. Illinois Mutual Life Insurance Company is asking people to send in photos for a “Moments Matter” contest. The Illinois […]

    The National Association of Independent Life Brokerage Agencies (NAILBA) continues in its mission of supporting the industry’s growth by launching the ID Media Network.

    {February 19th, 2020} by NAILBA

    A multi-platform media network, NAILBA’s ID Media Network is a first of its kind, offering industry information, educational resources and engaging content for independent insurance agency executives, brokers and independent advisors. The ID Network houses nine different media channels covering live on-demand videos and events, digital and print publications, newsletters, and social media interactions.  This […]

    1 in 4 Consumers Can’t Name 1 Life Insurance Company

    {February 19th, 2020} by Steve Morelli

    Although life insurance companies are edging slightly on their property/casualty cousins, they are still a distant second in brand awareness. One in four consumers cannot name a single life company and most can’t name three, according to LIMRA research. When asked to name a life carrier, consumers were as likely to pick the king of […]

    Why Do We Suck at Life Insurance?

    {February 19th, 2020} by Robert Mittel and Scott Stathis

    It started as a joke. “Why do we suck at life insurance?” said a participant at a recent Stathis-Mittel Industry forum. A sincere question asked in a joking manner. Why do we struggle so much with providing life insurance solutions to financial institution clients? It’s been a nagging issue that has plagued the bank investment […]

    Allianz Life Named a 2020 FORTUNE 100 Best Company to Work For

    {February 19th, 2020} by Allianz Life Insurance Company of North America

    MINNEAPOLIS–(BUSINESS WIRE)–Allianz Life Insurance Company of North America (Allianz Life®) announced today that it is included among the 2020 FORTUNE 100 Best Companies to Work For. This is the ninth consecutive year the company has made the list, a continuous recognition for its commitment to company culture, employee development, and diversity and inclusion. This year, […]

    Athene Holding Ltd. Reports Fourth Quarter and Full Year 2019 Results

    {February 19th, 2020} by Athene Holding, Ltd.

    PEMBROKE, Bermuda–(BUSINESS WIRE)–Athene Holding Ltd. (“Athene”) (NYSE: ATH), a leading provider of retirement savings products, announced financial results for the fourth quarter and full year 2019. Net income available to AHL common shareholders for the fourth quarter 2019 was $432 million, or $2.42 per diluted Class A common share (“diluted share”), compared to a net loss […]

    FBL Financial Group Announces Leadership Appointments

    {February 19th, 2020} by FBL Financial Group, Inc.

    WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) today announced the appointment of three individuals to its executive management team: Daniel M. (Dan) Koster as Vice President – Marketing & Agency Services; Ronald L. (Ron) Mead as Vice President – Sales & Distribution; and Jay W. Seiboldt as Chief Operating Officer – Property Casualty […]

    AIG Reports Fourth Quarter and Full Year 2019 Results

    {February 19th, 2020} by American International Group, Inc

    NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) today reported net income attributable to AIG common shareholders of $922 million, or $1.03 per diluted common share, for the fourth quarter of 2019, compared to a net loss attributable to AIG common shareholders of $622 million, or $0.70 per common share, in the prior-year quarter. The […]

    American Equity Reports Fourth Quarter and Full Year 2019 Results

    {February 19th, 2020} by American Equity Investment Life Holding Company

    WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL), a leading issuer of fixed index annuities (FIAs), today reported fourth quarter 2019 net income of $220.2 million, or $2.40 per diluted common share, compared to net income of $53.8 million, or $0.59 per diluted common share, for fourth quarter 2018. For the […]

    AmeriLife® Leverages Executive Team to Capitalize on Industry Growth and Opportunities

    {February 19th, 2020} by AmeriLife

    CLEARWATER, Fla., Feb. 18, 2020 /PRNewswire/ — AmeriLife Group, LLC, the national leader in marketing and distributing life, health and retirement solutions, today announced a strategic update to its executive leadership team, dedicating focus to both organic growth and acquisitions within distribution. Derek Richardson has been named Executive Vice President, Distribution Development, and Scotty Elliott has been named President, Life & Health […]

    DALBAR Seeks Out Best-in-Class Annuity Illustrations

    {February 19th, 2020} by DALBAR, Inc

    MARLBOROUGH, Mass., Feb. 13, 2020 /PRNewswire/ — Illustrations are essential to the annuity sales process and DALBAR’s recent review found Lincoln Financial to be the top provider of these communications, with New York Life, Jackson, Nationwide and Pacific Life all rounding out the top 5. Lincoln’s qualification for the Communication Seal of Excellence is well deserved as the […]

    Transamerica Earns Perfect Score on 2020 Corporate Equality Index

    {February 19th, 2020} by Transamerica

    BALTIMORE, Feb. 12, 2020 /PRNewswire/ — The Human Rights Campaign Foundation announced that Transamerica scored 100 percent on its Corporate Equality Index for the third consecutive year. The index is a national benchmarking tool that measures workplace equality for lesbian, gay, bisexual, transgender and queer (LGBTQ) employees. “The impact of the Human Rights Campaign’s Corporate Equality Index over […]

    Women’s Retirement Insecurity Is a Global Concern

    {February 19th, 2020} by Transamerica Center for Retirement Studies

    LOS ANGELES, Feb. 19, 2020 /PRNewswire/ — Globally, only 21 percent of women workers (25 percent U.S.) believe they are on course to achieve their retirement income needs, according to a new report released today, The New Social Contract: Achieving retirement equality for women, based on an annual survey of 15 countries spanning Europe, the Americas, Asia, and Australia. It is a collaboration […]

    PHP Agency Inc. Hosts Five Regional Events

    {February 19th, 2020} by PHP Agency Inc

    ADDISON, Texas, Feb. 18, 2020 /PRNewswire/ — PHP Agency Inc., a rapidly expanding financial services marketing organization, is entering the new decade with a vision of fundamentally reinvigorating the financial services industry. Last December, a record-breaking 6,653 insurance applications were written, up more than 100% from December 2018. With this continued momentum, PHP hosted five regional events throughout […]

    Farmers Insurance® Named One of the 2020 Fortune 100 Best Companies to Work For® by Great Place to Work® and Fortune

    {February 19th, 2020} by Farmers Insurance

    WOODLAND HILLS, Calif., Feb. 18, 2020 /PRNewswire/ — Farmers Insurance® has been honored by Great Place to Work and Fortune as one of the 2020 Fortune 100 Best Companies to Work For®. To determine the Fortune 100 Best Companies to Work For® list, Great Place to Work® analyzed responses from more than 650,000 employees at Great Place to Work-Certified™ organizations across the country. Farmers […]

    While Confident They’ll Manage Financially, Four in 10 Americans Don’t Have a Financial Plan if Separated or Widowed Later in Life

    {February 19th, 2020} by TD Ameritrade

    OMAHA, Neb.–(BUSINESS WIRE)–With the average life expectancy reaching nearly 79 years old,1 Americans are living longer than previous generations. But with that extra time, are they planning accordingly for it, especially when it comes to the loss of a partner? While confident they can manage financially if separated or widowed later in life, many Americans age […]

    Insurers, Regulators Race To Stay Ahead Of Cyber Crooks

    {February 19th, 2020} by John Hilton

    Data security remains one of the biggest issues in the insurance industry, with regulators racing to stay ahead of cyber criminals. The impact of potential breaches, as well as compliance costs, starts with insurers, but is felt all the way down to the producer level. After all, it is the agents and advisors who are […]

    How Life Insurance Agents Impact Poverty

    {February 19th, 2020} by Lloyd Lofton

    When you struggle to make ends meet, it fundamentally changes your relationship to money. Being poor means every experience centers on money. Although poor people possess little money in relationship to others, money nonetheless becomes central to their everyday lives. Click HERE to read the full story via INN

    Clearing Up Confusion About SECURE Act: Column

    {February 19th, 2020} by Jill Schlesinger

      After I wrote about the Setting Every Community Up for Retirement Enhancement (SECURE) Act, I received a slew of questions from readers. Below are some of the most common queries that I fielded about this complex act and what it means for your retirement planning. Frank from Chicago wanted a clarification about how the […]

    Unanswered Reg BI Questions As Agents Prepare

    {February 19th, 2020} by Elizabeth Festa

    Insurance agents and brokers are carefully preparing for Regulation Best Interest with training, risk assessments for conflicts of interest — and also with detailed questions to help fine-tune the process. Industry experts expect that with the increase in documentation, firms will have to do a better job of keeping notes and documenting the recommendation process, […]

    Lobbyists Work To Get States To ‘Quickly’ Adopt New Annuity Rules

    {February 19th, 2020} by John Hilton

    Now that the National Association of Insurance Commissioners has agreed on a “best interest” standard for annuity sales, the race begins to get the rules on the books in 50 states — or at least as many as possible. The NAIC only passes model laws — the states either adopt them via legislation or by […]

    Life Happens Brings Back Love Campaign

    {February 19th, 2020} by Allison Bell

    Life Happens is in the middle of promoting its annual valentine to life insurance awareness, the February #InsureYourLove campaign, on Twitter, Facebook and other social media services. Some of the campaign promotional materials use heart imagery, in an allusion to Valentine’s Day. But Life Happens is emphasizing use of imagery that conveys the idea, “A Promise […]

    U.S. Life Insurance Activity Finishes up 2.5% in January Reports the MIB Life Index

    {February 19th, 2020} by MIB Life Index

    Braintree, MA. (February 12, 2020) — U.S. life insurance application activity was up 2.5% Y/Y in January, predominantly led by younger age buyers, according to the MIB Life Index. The January Index puts an optimistic spin on life insurance application volume after an uninspiring 2019 YTD (+0.4%), setting a January index level not seen since 2016. January’s […]

    Full NAIC Adopts Annuity Suitability Model Update

    {February 19th, 2020} by Allison Bell

    Members of the National Association of Insurance Commissioners (NAIC) today voted to approve an update to the NAIC’s Suitability in Annuity Transactions Model Regulation (Model Number 275). The revisions add a requirement for agents, brokers and other annuity producers to “act in the best interest of the consumer when making a recommendation of an annuity,” […]

    Annuity sales hit record in 2019 thanks to new breed of VA

    {February 19th, 2020} by Emile Hallez

    Variable annuities had their best sales year since 2008 last year, powered by enormous growth in the sales of registered indexed-linked annuities. Click HERE to read via InvestmentNews

    AmeriLife Acquires Control Over J.D. Mellberg

    {February 19th, 2020} by Allison Bell

    AmeriLife Group LLC has acquired a majority interest in J.D. Mellberg Financial, a Tucson, Arizona-based firm that sells annuities and retirement planning services. AmeriLife — a Clearwater, Florida-based life, health and annuity distributor — said earlier this week that it’s getting J.D. Mellberg’s lead-generation, appointment-setting, and analysis tools, as well as the company’s sales and planning operations. AmeriLife is […]

    California Commissioner Discusses His Vote for the Suitability Model

    {February 19th, 2020} by Allison Bell

    California Insurance Commissioner Ricardo Lara has expressed concerns about the National Association of Insurance Commissioners’ new suitability model update, but — unlike New York state’s  top insurance regulator — he voted for it. Lara talked about his views on the NAIC’s revised Suitability in Annuity Transactions Model Regulation (Model Number 275)  Thursday, in a statement. […]

    Genworth Negotiating Over Subsidiary Capital With New York State

    {February 19th, 2020} by Allison Bell

    The New York State Department of Financial Services officials are trying to use their ability to block the sale of Genworth Financial Inc. to make Genworth increase capital levels at a life insurance subsidiary in New York. The New York department wants Genworth to add the capital, to Genworth Life Insurance Company of New York (GLICNY), as a condition for […]

    Life Insurance and George Washington’s Statue

    {February 19th, 2020} by Thomas Jefferson

    George Washington was the founding president of the Society of Cincinnati, which started out serving as, among other things, a fraternal benefit society for Continental Army officers. He himself used his own resources to provide annuities, including an annuity of 50 pounds per year, or the equivalent of about $5,000 per year in 2020 dollars, to […]

    Securian Unit Agrees to Acquire Gerber Life’s Canadian Policies

    {February 19th, 2020} by Allison Bell

    Canadian Premier Life Insurance Company has agreed to buy a block of life insurance business in Canada from an arm of Western & Southern Financial Group Inc. Canadian Premier —  a Toronto-based arm of Securian Financial Group Inc. — is acquiring the Canadian block of business from Gerber Life Insurance Company. Western & Southern acquired Gerber Life from a unit of Nestlé S.A. […]

    2019 term life insurance issues

    {February 19th, 2020} by Milliman

    In 2019, Milliman conducted its second biennial broad-based survey on term life insurance. The survey captured historical data for key industry competitors as well as company perspectives on a range of issues pertaining to these products in the future. Click HERE to view summary via Milliman

    Average Term Life Premium Falls: Milliman Survey

    {February 19th, 2020} by Allison Bell

    U.S. term life buyers might be spending a little less on term life insurance and getting less coverage for each dollar spent. Milliman has published data supporting that possibility in a summary of results from a survey of 28 companies that sell individual term life insurance in the United States. The full report includes more […]

    Susan Thomas to Lead Life Insurers Council

    {February 19th, 2020} by Allison Bell

    Susan Thomas is taking over from Mark Singleton as the chair of the LOMA Life Insurers Council (LIC) board for 2020. Thomas is the chief executive officer of Texas Service Life Insurance Company of Austin, Texas. She first joined the LIC board in 2017. Byron Allen will be the LIC vice chair. Francois Duguay will be the […]

    SOA Connects With Plug and Play

    {February 19th, 2020} by Allison Bell

    The Society of Actuaries (SOA) is teaming up with Plug and Play, an innovation support organization, to connect its 31,000 members with insurance technology startups. One component of the partnership will be a mentorship program that will connect actuaries with startups, the SOA  says. Another component will be SOA member access to a webcast and podcast series […]

    AALU, GAMA Memberships Approve Creation of New Organization, New Board of Directors

    {February 19th, 2020} by AALU

    WASHINGTON, D.C. – After announcing their intent to create a new organization in July 2019, AALU and GAMA International today announced each membership has overwhelmingly voted to approve the creation of the new organization and its first Board of Directors. “Simply put, this is historic,” Marc Cadin, AALU president and CEO, said. “The overwhelming amount of yes votes […]

    AALU and GAMA Members Approve Combination

    {February 19th, 2020} by Allison Bell

    The members of the Association for Advanced Life Underwriting (AALU) and GAMA International have voted to approve the organizations’ proposed combination, the groups announced today. The groups did not release vote tallies, but Marc Cadin, AALU’s president, said in a written comment that the groups received an “overhwelming amount of yes votes.” Cadin said the vote for the AALU-GAMA […]

    How to Deal With an Aging Advisor Force and Aging Clients

    {February 19th, 2020} by Bernice Napach

    More than one-third of financial advisors, or 111,500-plus, will be retiring this decade, along with many of their clients, creating a number of dramatic challenges for the industry. Firms will be faced with retaining the assets of retiring advisors, which account for almost 40% of all advisor assets, managing the shrinking or slower growing assets […]

    Variable Annuity Sales Rise: Survey

    {February 19th, 2020} by Allison Bell

    Many top annuity issuers say they have responded to the recent cuts in interest rates by tightening benefits and increasing prices. Issuers’ efforts to rate-proof their annuity units may be starting to show up in annuity sales. Overall sales of U.S. individual annuities fell 8% between the fourth quarter of 2018 and the fourth quarter […]

    What is the best Retirement Annuity?

    {February 19th, 2020} by The Annuity Man

    The annuity industry has done a poor job educating the public on the history of the product dating back to the Roman Times, and the unique benefit proposition that only annuities can provide. That financial monopoly is… Lifetime Income. Like most industries, there’s an internal language used that doesn’t easily translate to consumer speak.  Agents and […]

    Annuity Sales Hit 11-Year High In 2019: LIMRA

    {February 19th, 2020} by Staff Reports

    Annuity sales of $241.7 billion in 2019 represented the best sales in 11 years as the industry continued to rebound from regulation and other pressures. Sales increased 3% over 2018 results, according to the Secure Retirement Institute Fourth Quarter U.S. Annuity Sales Survey. While overall sales were the best since 2008, fourth-quarter annuity sales dipped […]

    Will Secure Act Move the Needle for Annuities in Retirement Plans?

    {February 18th, 2020} by Nick Thornton

    For years, the insurance industry and advocates for guaranteed income products have been lobbying to get fiduciary sanctuary for employer sponsors of defined contribution plans who put annuities in investment menus. And for at least a good part of last year, that sanctuary was all but certain, thanks to the annuity provider selection safe harbor […]

    AIG Says Low Rates Likely to Hurt Fixed Annuity Sales: Earnings

    {February 18th, 2020} by Allison Bell

    American International Group Inc. is reporting that its life and retirement unit did well in the fourth quarter, but that the return of falling rates was hard on sales. The financial services giant is reporting $869 million in net income for the fourth quarter of 2019 on $12 billion in revenue, compared with a $560 million […]

    7 Reasons the Average Person Needs an Insurance Agent

    {February 18th, 2020} by Bryce Sanders

    You’ve seen the stereotypes applied to insurance agents. They aren’t pretty. It’s been said the quickest way to end a conversation at a party is to answer “What do you do?” with “I’m an insurance agent.” However, you, as an agent, know that most people are better off working with an insurance agent, versus going […]

    Bloomberg Vows to Restore DOL Fiduciary Rule, Add Financial Transaction Tax

    {February 18th, 2020} by Melanie Waddell

    Presidential candidate Michael Bloomberg would restore the Labor Department’s now-defunct fiduciary rule as well as institute a .01% financial transaction tax, according to his just-released financial reform policy. The three-term New York City mayor would also beef up the Volcker Rule and the Consumer Financial Protection Bureau, as well as “accelerate” the creation of the […]

    FINRA Suspends Ex-Thrivent Rep Who Worked at Animal Hospital

    {February 18th, 2020} by Jeff Berman

    Proving once again that it is always best for brokers to inform their firms about any outside business activities, whether it’s selling insurance or even running the office at a vet clinic, the Financial Industry Regulatory Authority sanctioned a former Thrivent representative for engaging in three undisclosed outside business activities. Without admitting or denying the […]

    TCS Named a Leader and Star Performer in Life & Annuities Insurance Application and Digital Services by Everest Group

    {February 18th, 2020} by TCS

    NEW YORK | MUMBAI, February 17, 2020: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has been recognized as a Leader and Star Performer in the Everest Group PEAK Matrix® for Life & Annuities (L&A) Insurance Application and Digital Services[1]. In an assessment of 20 global service […]

    What you don’t know about your parents’ retirement plans could hurt you financially

    {February 18th, 2020} by Dhara Singh

    Most working Americans have no clue how prepared their parents are for retirement, a knowledge gap that could hurt their own finances. About 7 in 10 of adults between 25 and 44 said they know little to nothing about their parents’ finances, according to a survey from AgeUp, an annuity product issued by MassMutual and sold […]

    Massachusetts Securities Division Expands Jurisdiction to Non-Securities

    {February 18th, 2020} by Pete S. Michaels, David L. Ward

    The Enforcement Section of the Massachusetts Securities Division (“MSD”) recently filed an Administrative Complaint against Ryan Patrick Skinner (“Skinner”) and related entities Summit Financial Partners and Summit Financial Ptrs Inc of Woburn, MA (together, “Summit”)[1]. Summit is not a broker-dealer or investment advisor licensed by the MSD.[2] Further, Skinner is not a registered representative. Interestingly, the products at issue […]

    Ladenburg Thalmann Announces Completion of Merger with Advisor Group

    {February 18th, 2020} by Ladenburg Thalmann Financial Services Inc

    NEW YORK–(BUSINESS WIRE)–Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS PrA, LTSL, LTSF, LTSK, LTSH) (“Ladenburg”), a diversified financial services company, today announced the successful completion of its merger with Advisor Group, Inc. (“Advisor Group”), one of the nation’s largest networks of independent wealth management firms. The expanded Advisor Group will be one of the […]

    The Standard Promotes Christopher Beaulieu to Vice President of Individual Annuities and Fixed Income

    {February 18th, 2020} by The Standard

    PORTLAND, Ore.–(BUSINESS WIRE)–Standard Insurance Company (“The Standard”) announced today that Christopher Beaulieu has been promoted to vice president of Individual Annuities and Fixed Income. Beaulieu joined The Standard in 2015 as assistant vice president of Investments where he has been leading an investment team responsible for fixed income investments in public markets. In his new […]

    Here’s What Happens When You Borrow From Your Life Insurance

    {February 17th, 2020} by Catherine Brock

    ou can borrow against next week with a payday loan and against next month with a credit card. You can even borrow against your own retirement with a 401(k) loan. But what about a life insurance loan? Well, it won’t affect your afterlife, but your heirs might not appreciate it. If you can get past […]

    Why “Tax Time” is a Good Time to Consider Life Insurance Options

    {February 17th, 2020} by Deana Lemmon, LTCP

    Tax season is a good time of year to consider your options for improving your quality of life. According to Deana Lemmon, long-term care professional and life insurance specialist at Sarvey Insurance, “If they qualify for a tax refund, many people use the extra funds to improve their homes, purchase a better vehicle or add […]

    No. 355: Greg Lindberg—Another Update on the Federal Criminal Lawsuit in North Carolina

    {February 15th, 2020} by Joseph M. Belth

    In No. 309 (April 17, 2019), I discussed the indictment of Greg E. Lindberg and three other individuals by a federal grand jury in North Carolina. In No. 320 (July 1, 2019), I reported on the placement of four Lindberg insurance companies into court-ordered rehabilitation at the request of the North Carolina insurance commissioner. In […]

    Boston man pleads guilty to life insurance scam; impersonates dead brother in bid to collect millions

    {February 14th, 2020} by Travis Andersen

    A 33-year-old Boston man on Wednesday admitted to impersonating his deceased brother in a brazen life insurance scam and now faces up to 20 years behind bars, federal prosecutors said. Kellerman Jason Zheng pleaded guilty in US District Court in Boston to mail and wire fraud, and his sentencing is slated for June 18, according […]

    Annuity language intentionally misleading

    {February 14th, 2020} by David Moon

    The Securities and Exchange Commission won’t like this next paragraph, but read the entire thing, not just the tantalizing “promises” in the first sentence. If you hire me to manage your money, I promise to always outperform the market, never lose money and that you will never be fat. You just have to let me define […]

    Financial Regulators Gain Punitive Powers Under NY Budget Plan

    {February 14th, 2020} by John Hilton

    New York Gov. Andrew Cuomo gives financial regulators the ability to levy stiffer fines and restitution under his preliminary budget proposal. With the Department of Financial Services having recently enacted fiduciary like rules for all sales of life insurance and annuities, Cuomo’s proposal has implications for insurers. The biggest change would add a new section […]

    Security Benefit Asks For Stay In Florida Suit Over Index

    {February 14th, 2020} by John Hilton

    Security Benefit is asking a Florida court for a stay in a lawsuit challenging its use of proprietary indexes until a similar lawsuit is decided in a Kansas City appeals court. To recap, the two lawsuits are: A class-action lawsuit filed in the U.S. District Court for the Southern District of Florida originated in November.  […]

    Fidelity National Financial, Inc. Announces Signing Of A Merger Agreement To Acquire FGL Holdings For $12.50 Per Share In Combination Of Cash And FNF Common Stock

    {February 12th, 2020} by Fidelity National Financial, Inc.

    JACKSONVILLE, Fla., Feb. 7, 2020 /PRNewswire/ — Fidelity National Financial, Inc. (NYSE: FNF) (“FNF”) today announced that it has signed a merger agreement to acquire FGL Holdings (NYSE: FG) (“F&G”) for $12.50 per share of common stock, representing an equity value of approximately $2.7 billion.  Based on F&G’s adjusted earnings for the twelve months ended September 30, 2019, the transaction is expected to […]

    FGL Holdings Announces $2.7 Billion Acquisition by Fidelity National Financial

    {February 12th, 2020} by FGL Holdings

    GEORGE TOWN, Cayman Islands, Feb. 7, 2020 /PRNewswire/ — FGL Holdings (NYSE: FG) (“F&G” or the “Company”), a leading provider of fixed indexed annuities and life insurance, today announced that the Company has entered into a merger agreement pursuant to which Fidelity National Financial, Inc. (NYSE: FNF) (“FNF”), the leading provider of title insurance and closing and settlement services […]

    Fidelity National Aims to Be an Annuity Market Giant

    {February 12th, 2020} by Allison Bell

    Fidelity National Financial Inc. may be about to become a major player in the U.S. annuity market. The Jacksonville, Florida-based title insurer has agreed to pay $12.50 per share, or a total of $2.7 billion in cash and Fidelity National stock, for FGL Holdings — the Des Moines, Iowa-based company that owns Fidelity & Guaranty Life Insurance […]

    AM Best Comments on the Credit Ratings of Fidelity & Guaranty Life Holdings, Inc. Following Acquisition Announcement

    {February 12th, 2020} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of the key life/health subsidiaries of Fidelity & Guaranty Life Holdings, Inc. (FGLH) (Delaware), collectively referred to as Fidelity & Guaranty Life Group, remain unchanged after the announcement of a definitive agreement […]

    Iowa Insurance Agents Fined For ‘Deceptive’ Mailers Targeting Elderly

    {February 12th, 2020} by John Hilton

    A Missouri insurance agent who used a lead-generation mailer advertising “FREE government benefits” was fined by the Iowa Insurance Division last week. John A. McAfee of Hannibal, Mo., agreed to a consent order that fines him $10,000, plus $1,800 for costs of investigation, and subjects his company, McAfee & Associates, to one year of monitoring. […]

    5 Things Annuity Issuer Executives Are Saying Now

    {February 12th, 2020} by Allison Bell

    Top executives at some big U.S. annuity issuers say they’re happy with how the annuity units have been doing but have noticed that interest rates have fallen. The executives have been talking about the return of falling rates over the past week, in conference calls with securities analysts. Typical “publicly traded” insurers — the kinds with […]

    National Western Life to Launch The Sterling Group, an Exclusive Alliance with Key NMOs

    {February 12th, 2020} by National Western Life Group, Inc.

    AUSTIN, Texas, Feb. 4, 2020 /PRNewswire/ — National Western Life Insurance Company (NWLIC) announced the introduction of The Sterling Group, an exclusive alliance between itself and six key national marketing organizations which was launched January 1, 2020. These national marketing organizations include Advisors Excel, CreativeOne, Financial Independence Group, Gradient Insurance Brokerage, Impact Partnership, and M&O Marketing. “Through this alliance, […]

    Pacific Life Introduces Retirement Income Translator

    {February 12th, 2020} by Pacific Life Insurance Company

    NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life Insurance Company has introduced the Retirement Income Translator, an online tool to help consumers understand what their retirement savings can mean when translated to retirement income. This new client resource creates a two-minute personalized video that aims to illustrate the potential benefits of protected lifetime retirement income through an annuity. […]

    Brighthouse Financial Announces Fourth Quarter and Full Year 2019 Results

    {February 12th, 2020} by Brighthouse Financial

    CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (“Brighthouse Financial” or the “company”) (Nasdaq: BHF) announced today its financial results for the fourth quarter and full year ended December 31, 2019. Fourth Quarter and Full Year 2019 Results The company reported a net loss available to shareholders of $1,077 million in the fourth quarter of 2019, or $10.02 […]

    Here’s What’s Disrupting Americans’ Financial Plans Most

    {February 11th, 2020} by Michael S. Fischer

    Education spending — largely on student loan debt — has become the chief financial disruptor among Americans, even more so than loss of employment or having to take a lower-paying job, according to a new Harris Poll survey conducted on behalf of TD Ameritrade. Education spending is the only financial disruptor that experienced growth in […]

    MassMutual enterprises merge as insurer bolsters wealth management arm

    {February 11th, 2020} by Tobias Salinger

    A trio of MassMutual enterprises have merged into a single firm as the giant insurer moves in the opposite direction of rivals that have spun off their broker-dealers. In absorbing the Southeast Coast and South Florida offices of MML Investors Services early this year, Fort Lauderdale, Florida-based Coastal Wealth now has more than 450 advisors, […]

    LPL Financial Receives Perfect 100 in HRC’s Corporate Equality Index

    {February 11th, 2020} by LPL Financial

    CHARLOTTE, N.C. – Jan. 27, 2020 – LPL Financial LLC, a leading retail investment advisory firm and independent broker-dealer, today announced that it received a perfect score of 100 percent in the Human Rights Campaign Foundation’s 2020 Corporate Equality Index (CEI), a national benchmarking survey and report measuring corporate policies and practices related to lesbian, gay, bisexual, […]

    Sheryl Moore: From Single Mom To Insurance Rock Star

    {February 11th, 2020} by John Hilton

    She learned fast in a business not known for producing fast learners. After a few years mastering  product development, competitive intelligence and marketing, Moore took a leap of faith and started her own company in 2005. Today, she is one of the industry’s top experts on product performance and pricing. Click HERE to read the […]

    FBL Financial Group Reports Fourth Quarter and Full Year 2019 Results

    {February 11th, 2020} by FBL Financial Group, Inc.

    WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) today reported net income attributable to FBL Financial Group for the fourth quarter of 2019 of $34.7 million, or $1.40 per diluted common share, compared to $6.4 million, or $0.26 per diluted common share, for the fourth quarter of 2018. Adjusted operating income(1) totaled $34.8 million, or […]

    AM Best Upgrades Issuer Credit Ratings of Principal Financial Group, Inc. and Its Subsidiaries

    {February 11th, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has upgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to “aa” from “aa-” and affirmed the Financial Strength Rating of A+ (Superior) of Principal Life Insurance Company and Principal National Life Insurance Company. Both are life insurance operating companies of Principal Financial Group, Inc. (PFG) [NASDAQ: PFG], and collectively are referred to as Principal. The outlook of […]

    The Penn Mutual Life Insurance Company Announces Relaunch of Chicago-area Agency

    {February 11th, 2020} by Penn Mutual

    HORSHAM, Pa.–(BUSINESS WIRE)–The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, has announced a relaunch of its Chicago agency, now Penn Mutual Midwest Wealth Strategies. Formerly operating as Lakeshore Wealth Strategies, the firm’s new name is designed to reflect a growth and planning mindset while rooting its identity in the Midwest. The […]

    Brighthouse Financial to Host Business Update Conference Call

    {February 11th, 2020} by Brighthouse Financial

    CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (“Brighthouse Financial” or the “company”) (Nasdaq: BHF) announced today that it plans to hold a business update conference call and audio webcast for investors and analysts from 8:00 a.m. to 9:30 a.m. Eastern Time on Thursday, March 5, 2020. Presenters will include members of Brighthouse Financial’s senior management team. Prior […]

    Ameriprise Financial Helps Strengthen Communities Through Donations and Volunteerism

    {February 11th, 2020} by Ameriprise Financial, Inc.

    MINNEAPOLIS–(BUSINESS WIRE)–In 2019, Ameriprise Financial, Inc. (NYSE: AMP), along with its employees and advisors, donated $17.5 million and volunteered close to 100,000 hours at nonprofits in their communities. As a leader in financial planning, the firm focuses on philanthropic causes that strengthen communities and help individuals achieve economic stability. To that end, throughout the year, […]

    AIMCOR Group, LLC Announces Partnership with Human API to Optimize Advisor and Client Experience with Electronic Health Records (EHR)

    {February 11th, 2020} by AIMCOR Group, LLC

    PAOLI, Pa., Feb. 11, 2020 /PRNewswire/ — Today, AIMCOR Group, LLC announced a strategic partnership with Human API, the largest consumer-controlled health data platform, to create a faster life insurance buying experience for agents and their clients by giving applicants a simple and digital way to share access to their electronic health records (EHR). AIMCOR Group, LLC […]

    New research from AgeUp reveals majority of millennials and Gen Xers expect to financially support their parents in their old age, but few are planning for it today

    {February 11th, 2020} by AgeUp

    BOSTON, Feb. 10, 2020 /PRNewswire/ — AgeUp, an innovative annuity product issued by Massachusetts Mutual Life Insurance Company (MassMutual), today unveiled new research on how millennials and Gen Xers approach financial planning for their parents’ longevity. Developed by Haven Life Insurance Agency, AgeUp is designed to provide the adult children of the Boomer generation with financial protection for […]

    CNO Financial Group Reports Fourth Quarter and Full Year 2019 Results

    {February 11th, 2020} by CNO Financial Group

    CARMEL, Ind., Feb. 11, 2020 /PRNewswire/ — CNO Financial Group, Inc. (NYSE: CNO) today announced that for the quarter ending December 31, 2019, net income was $278.0 million, or $1.84 per diluted share, compared to $28.3 million, or $0.17 per diluted share in 4Q18.  CNO also reported that 4Q19 net operating income (1) was $78.6 million, or $0.52 per diluted share, compared to $59.8 million, or $0.36 per diluted share in […]

    Prudential Aims to Cut Stock-Related Annuity Risk: Earnings

    {February 11th, 2020} by Allison Bell

    Prudential Financial Inc. did well in the fourth quarter, but it’s trying to harden itself against current and future financial storms. Executives at the Newark, New Jersey-based company said the company’s is already making adjustments to counter the effects of low interest rates. The company is also working to cut costs, and to reduce the […]

    National Western Life Forms Distribution Organization

    {February 11th, 2020} by Allison Bell

    National Western Life Insurance Company has created its own organization of independent marketing organizations. The Austin, Texas-based life insurer has pulled six national marketing organizations into The Sterling Group. The marketing organizations in the new group are Advisors Excel, CreativeOne, Financial Independence Group, Gradient Insurance Brokerage, Impact Partnership, and M&O Marketing. National Western Life says […]

    ACLI Co-Hosts Major Financial Literacy Event

    {February 11th, 2020} by Allison Bell

    The American Council of Life Insurers invested in U.S. children’s financial literacy Wednesday. The ACLI hosted the release of the Council for Economic Education’s 2020 Survey of  the States, in Washington, at the ACLI’s offices on Constitution Avenue. The Council for Economic Education supports economics and personal finance educational efforts in K-12 schools. The council […]

    Jackson Names Axel André CFO: Personnel Moves

    {February 11th, 2020} by Allison Bell

    Jackson National Life Insurance Company has named Axel André executive vice president and chief financial officer of Jackson. André previously was chief financial officer of individual retirement at American International Group Inc. He also has served as chief risk officer for individual retirement, group retirement and institutional markets at AIG. Jackson National is a Lansing, Michigan-based […]